NATIONAL OCCUPANCY REACHES NEW HIGH WHILE LOCAL LEVELS BEGIN TO DECLINE

Projected Demand and ADR Growth Continues

Atlanta – March 8, 2016 – The U.S. lodging industry is forecast to achieve another all-time record occupancy level in 2016, but an increasing number of local markets are starting to show the effects of growing competition. According to the March to May 2016 edition of Hotel Horizons®, CBRE Hotels’ Americas Research is projecting a year-end 2016 occupancy level of 65.7 percent, 20 basis points greater than the record level of occupancy achieved in 2015.

“We always caution our clients to pay closest attention to local market conditions, as opposed to broad national trends,” said R. Mark Woodworth, senior managing director of CBRE Hotels’ Americas Research. “While the outlook for the overall U.S. lodging industry is solid for the next few years, we acknowledge that a growing number of local markets will begin to experience a decline in occupancy levels. This is the result of the emergence of new competition that heretofore has been kept under wraps.”

In 2015, only seven of the 59 markets in the Hotel Horizons® universe suffered a decline in occupancy. This number is forecast to increase to 29 in 2016 and 38 in 2017.

“Declining levels of occupancy may cause some industry participants to sound the panic alarm. However, it is important to note that the underlying strength of the U.S. economy continues to generate the desire and need to travel. The demand for lodging accommodations is projected to expand in all 59 Hotel Horizons® markets in both 2016 and 2017. Any hint of a slowdown can be attributed to the influence of the new supply, which is to be expected given where we are at in the lodging cycle,” Woodworth added.

Inflation

Despite the occupancy declines, most U.S. markets will continue to achieve occupancy levels well above their long-run averages in both 2016 and 2017. Accordingly, CBRE Hotels is forecasting that average daily room rates (ADRs) will increase on a national level in excess of five percent both this year and next. Locally, 24 of the 59 Hotel Horizons® markets will enjoy ADR growth in excess of five percent in both 2016 and 2017

“Given the lofty occupancy levels, the pendulum of pricing power remains tiled towards producers,” stated John B. (Jack) Corgel, Ph.D., professor of real estate at the Cornell University School of Hotel Administration and senior advisor to CBRE Hotels’ Americas Research. “Further providing a boost to room rates is an anticipated rise in the pace of inflation. In 2016, the Consumer Price Index (CPI) is expected to grow at three percent, and the core CPI at 1.9 percent.”

“There is a double-edge to the rising levels of employment and inflation,” Woodworth noted. “An increase in both of these metrics benefits lodging demand and pricing, but they also will put pressure on the amount hotels will have to pay for labor, goods, and services.

High occupancy levels do not always guarantee strong growth in ADR. Hotels in the cities of New York and Miami are forecast to achieve occupancy levels of 83.8 percent and 76.8 percent respectively in 2016, yet ADRs in these markets are projected to grow below the national average – 1.4 percent in New York and 4.0 percent in Miami. What these two markets have in common are increases in the supply of traditional hotel rooms greater than six percent, plus a significant supply of Airbnb units. A recent study by CBRE Hotels’ Americas Research found that the ratio of active Airbnb units to hotel rooms is greater than 10 percent in these cities (http://www.cbrehotels.com/EN/Research/Pages/An-Analysis-of-Airbnb-in-the-United-States.aspx).

To purchase a copy of the March – May 2016 editions of Hotel Horizons®, please visit:
https://store.pkfc.com/hotel-forecast-reports

CBRE Hotels is a specialized advisory group within CBRE providing brokerage, valuation, consulting, research and capital markets services to companies in the hotel sector. CBRE Hotels is comprised of over 375 dedicated hospitality professionals located in 60 offices across the globe.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

Hospitality Ventures Management Group Names Garron Gore Director of Food & Beverage Innovation

Position to Further Build Revenues, F&B Concepting and Market Share

ATLANTA, Ga. (March 1, 2016) — Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel management company, today announced it has named Garron Gore as director of food & beverage innovation. In his newly added role, Garron will oversee the company’s food and beverage (F&B) revenue efforts, including operations, concept development, menu design and development.

“Like many hotel operators, our view towards F&B continues to evolve with innovation being a critical component towards maximizing hotel profit and valuation. Originality and creative F&B can contribute significantly to top-line revenue to all property types, but specifically to full-service hotels, resorts and boutique properties,” said Robert S. Cole, HVMG president and CEO. “Garron has a creative and innovative approach to F&B leading to a successful track record of improving the department’s revenues and receiving numerous industry accolades.”

With 18 years of F&B experience for both full-service and boutique hotels and independent restaurant groups, Garron brings a keen, creative eye and distinguished taste to the table. Most recently, he led and opened four different restaurant concepts in the Buckhead area for Southern Property Hospitality in Atlanta. He also worked for Emeril Lagasse and the Andaz and Autograph Collection brands in Savannah, Ga.

“I look forward to applying my culinary experience to this newly created position at HVMG,” Gore stated. “F&B is an integral part of hospitality that can significantly differentiate a property and enhance not only F&B revenues, but occupancy, events and meetings. Our goal will be to provide a unique dining experience, whether it’s a top notch, three-course meal at a resort or the perfectly prepared ‘grab and go’ bags at a select-service hotel. We will focus on authentic, local cuisine to create and execute best-in-class standards of excellence and creativity for F&B within the industry.”

About Hospitality Ventures Management Group

Hospitality Ventures Management Group is a privately owned, fully-integrated hotel investment and management group that specializes in turning around and repositioning underperforming hotels, as well as maximizing the performance of stabilized hotels. It currently operates 31 hotels in 15 states totaling 6,553 guest rooms. HVMG develops, owns, and operates independent and boutique hotels and resorts, as well as full-service, select-service and extended-stay hotels under the Hilton, Marriott, Hyatt, and IHG brands. Visit www.hvmg.com for more information.

International conference in Hawaii hosted by CBRE Hotels examines current state and future of hotel investment and capital markets

Symposium in Waikiki brings together experts from across the world

HONOLULU – February 29, 2016 – Nearly 80 investors, owners, operators, asset managers, hotel brands and lenders from Shanghai, Osaka, Madrid and from across the mainland U.S. gathered in Hawaii to attend an invite-only event at the iconic Royal Hawaiian Hotel on January 28, hosted by CBRE Hotels in Hawaii. The symposium, See the World of Ho‘okipa, Hospitality in a Whole New Light, provided an unprecedented view of Hawaii’s hotel fundamentals relative to the broader global context, the impact of debt and equity capital on Hawaii’s lodging sector, and performance forecasts for 2016 and 2017. The conference featured a heavyweight line up of the world’s preeminent hospitality executives.

“This symposium showcases CBRE Hotels’ comprehensive suite of services, spanning transaction, debt and structured finance, valuation, strategic advisory, asset management and research. Hawaii is rich with opportunities in the hospitality sector, and the CBRE platform in Hawaii is structured as a full-service provider to groups seeking to capitalize on these opportunities,” said Amelia Lim, Vice President of CBRE Hotels, Valuation and Advisory Services, Hawaii. “CBRE has the depth of market knowledge and strength of relationships with decision makers in Hawaii that can only come with living and working within the community for an extended period of time. The synthesis of CBRE’s intensive market penetration in Hawaii with our global platform and access to international capital markets creates a very powerful value proposition for our clients. We are the perfect solution for offshore investors and capital sources making forays into Hawaii’s hospitality sector, as well as for local hospitality firms seeking to expand their global reach.”

The Hawaii Hospitality Symposium coincided with CBRE’s announcement of the completed rebranding and integration of PKF Consulting USA, PKF Hospitality Research and PKF Consulting Inc. (Canada) into CBRE Hotels, an existing specialized advisory group. The enhanced team will provide hospitality and real estate industry professionals with a global practice and one-stop shop of unparalleled, fully integrated real estate services and products, as well as a comprehensive hospitality research platform.

“Hotel owners and operators, financial institutions, real estate developers, investors, and industry and government agencies’ product and service providers can rely on CBRE Hotels to be the worldwide authority on hospitality and lodging real estate research and solutions,” Lim said.

Forecasting presentations from CBRE Hotels’ leaders Kevin Mallory and Mark Woodworth kicked off the event, followed by a panel discussion with four industry experts about the future growth of hotel spending and investment, including Chinese interests in Hawaii, the ramifications of Airbnb’s exponential growth, as well as regulatory compliance, expanding interest rates and the impact of the rising cost of debt on investment strategy.

Presentations

Mark Woodworth, CBRE’s Atlanta-based Senior Managing Director and Head of CBRE Hotels’ Americas Research provided a current and forward-looking view of the hotel and resort industry worldwide with a focus on Hawaii. Noting that occupancy reached its peak in the third quarter, with 2015 occupancy coming in at 65.5 percent, Woodworth said fundamentals suggest the industry will hover at this elevated level for quite some time.

“Hotels are performing at a very high level. We don’t see anything in the market fundamentally that represents a threat to that and we feel very good going forward,” Woodworth said. “If we look at the top 25 markets – according to STR – 12 of the top 25 in upper-priced hotels set records in 2015. Nineteen of them were well north of their long-term average. Only seven were going through supply growth.”

Woodworth noted that even with a mild recession, 2017 RevPAR growth is forecasted at a healthy 3.3 percent, in line with long-term averages, and above the forecasted rate of underlying inflation.

According to Woodworth, high occupancy levels will provide the leverage needed to achieve large real ADR increases for the next two to three years. Above long-run average occupancy levels will lead to strong profit growth comfortably through 2017, which should offset labor cost increases.

Kevin Mallory, CBRE’s Chicago-based Senior Managing Director and Global Head, CBRE Hotels, sounded a cautionary note as he presented an in-depth look at capital investment in the hotel sector, which is being impacted by current events.

“Our strong dollar hurts how foreign capital is acting in the United States, but the flipside is that the U.S. is a perennial safe harbor for foreign capital, particularly in the real estate sector. Our position as a safe harbor appears to be increasing as we see a softening of interest in other safe harbor markets throughout Europe. Capital that might have otherwise been invested in other markets is coming to the U.S.,” Mallory said.

He also noted that hotel sector REITS have all but exited the market. “Hotel REITS have been a significant investor accounting for approximately 25% and 20% of the investment capital for 2014 and 2015 respectively.” He also advised that with the fallout of the REITS, combined with high volatility in U.S. and foreign public equity markets, and a bit a bumpiness in the CMBS markets, all coupled with the fact that there is more product in the market today than ever before, that the industry may be in for a period “price discovery.”

Mallory also touched on Asian and foreign investment markets, noting recent investment by Chinese capital in Hawaii and wondering “if it was a sign of more to come? Overall, an interesting future is here.” He also noted that Asian investors from Japan, Singapore and Korea have been comfortably investing in Hawaii for a long time.

Airbnb’s effect on the hotel sector was also an important topic of discussion in both the presentations and the panel.

Woodworth noted that overall Airbnb supply represents 3 percent of traditional hotel stock, and CBRE Hotels’ research indicates that the higher the RevPAR, the greater the number of Airbnb units. However, the higher the price of the Airbnb unit, the less of a threat Airbnb is to hotels. On Oahu, as a late entrant into the Airbnb game and with a well-established vacation rental industry prior to the advent of this Airbnb, the data is different.

Woodworth also explained the future impact of Airbnb and other alternative lodging could translate into fewer traditional hotels rooms being built.

Panel

Mark Owens, Executive Vice President for CBRE Hotels, originally from Kailua, Hawaii, and now Head of Hospitality Capital Markets for CBRE in New York, moderated the panel.

Harris Chan, Vice President of Operations for Hawaii and French Polynesia for Starwood Hotels and Resorts acknowledged it was a banner year for tourism in 2015 with arrivals increasing by 4.2 percent, which was higher than expected. However, the increased arrivals only translated to a 2.3 percent increase in hotel occupancy, which Harris partially attributed to the strength of Airbnb and other alternative lodging options.

Meanwhile, Yvonne Siew, Executive Director and Head of International Capital at CBRE China, explained that the strong dollar is the lure of investing in the U.S., especially since the renminbi outlook is anticipated to depreciate another 5 percent in 2016. “I’m in touch with the major insurance companies and State Owned Enterprises (SOE) with specific mandates to invest in U.S. assets,” Siew said. “The strong dollar versus the local Reminbi is perceived by the Chinese as a form of investing into safe assets. Hawaii is very much open to foreign capital. We see this as a great opportunity for Chinese capital.”

Siew noted that Chinese construction companies, railway and infrastructure groups are concerned the local outlook in China will not give them the growth and profits, so investors are looking for investment and marketing opportunities abroad. Those opportunities could be in tourism, oil or gas investments. Siew said that according to reports, if 3 percent of the high net worth individuals in China moved just 7 percent of their wealth out of their country, it would add up to $1.5 trillion in U.S. dollars.

CEO and Co-Founder of Chartres Lodging Group, Robert Kline, from San Francisco touched on who is investing in the hotel industry and why.

“We’ve seen a dramatic shift,” Kline said. “The private equity fund industry raised $107 billion last year; with 75 percent of that money raised with a target for opportunistic investments. But then public lodging REITS were dropping precipitously which caused these funds to pull back because valuations seemed vulnerable.”

Kline pointed to a risk of potential problems, including rising labor costs, issues with unions, headwinds in operating fundamentals, causing this nervousness.

“So these funds are pulling back, and waiting for ‘price discovery.’ Perhaps prices will go down, so the thought is ‘let’s not catch a falling knife and see what happens.’” Kline noted there will be price disintegration as these funds look to buy in at a higher yield, interested in seeing stronger cash flow.

“Cap rates are going up, when they see good yield going in – renovation, repositioning – there is not as much patience. We are having to underwrite for a longer hold period.”

Kline said that Chartres finances investment conservatively, layering in opportunities for a longer-term financing structure, yet with the availability to quickly move and exit the loan without prepayment penalty. “Basically the hotel investment industry is moving toward a ‘having my cake and eating it, too’ mentality.”

Providing a financing perspective was Christopher Jordan from Washington D.C., who heads a specialty lending platform known as the Hospitality Finance Group with Wells Fargo, the largest provider of balance sheet financing to the hospitality industry. Jordan noted that Wells Fargo remains very active throughout the United States including Hawaii, Canada and the United Kingdom, and is committed to supporting its hotel clients throughout the cycle. “Industry fundamentals remain generally positive, although we do see clear evidence that room demand growth overall in the U.S. is slowing, new room supply is increasing in many markets, and hotel values are in the process of being reset downwards,” said Jordan.

“As a result of these late cycle conditions, we are being more cautious and selective with respect to new lending in 2016. Moreover, the recent extreme volatility in the equity and credit markets, weak commodity pricing, and the China / emerging market slowdown have changed investor psychology,” Jordan added.

“While the United States should escape recession in 2016, we do worry that financial market volatility is producing fear and negativity that could eventually bleed into the real economy. Businesses and consumers may eventually turn more defensive and defer spending, hiring, and travel. We could, in effect, talk ourselves into a U.S. recession. I think this is real risk and, consequently, we are building in a little extra cushion of safety in everything we do today in the hotel arena,” Jordan said.

Hawaii’s neighbor islands also were a topic of discussion.

Chan noted that while spending in hotels has hit a record level in Hawaii, the growth on Oahu is not as strong as the neighbor islands, where Maui led the pack. Chan pointed to the future growth of tourism through the neighbor islands, because Waikiki is at its saturation point. “I believe the neighbor island valuation is very reasonable, and now is the time to acquire and redevelop for the future,” Chan said.

Other panelists agreed with Chan, including Kline who said, “Can we convert existing product? The former Chris Hemmeter massive resorts aren’t going to happen now unless it is a timeshare product.”

Kline and Chan both pointed out that select-service hospitality redevelopment is a popular option. “With select-serve product there is less cost of entry, and less ancillary products. I haven’t seen a wave of select-service yet but as people are investing more in the neighbor islands, it will be interesting to see if funds find their way into the select-service model,” said Kline.
 
About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

WoodSpring Hotels Launches WoodSpring Suites Signature Prototype

Brand Extension Targets Mid-Priced, Extended-Stay Guests, Provides More Amenities and Services

WICHITA, Kans., Feb. 16, 2016 — WoodSpring Hotels, operators of the WoodSpring Suites and Value Place brands, has launched a new prototype brand extension targeted to mid-priced, extended-stay travelers who typically stay for weeks at a time and want higher service levels. WoodSpring Suites Signature will differentiate itself by providing an enhanced guest experience, including additional amenities and services not found in the current WoodSpring Suites offerings.

“The Signature prototype has been designed with the business traveler in mind, who has greater needs when on the road for an extended period of time,” said Bruce Haase, WoodSpring Hotels’ CEO. “The rates for this lower midscale hotel will be approximately 20 percent above a standard WoodSpring Suites, typically $300 to $400 per week, market depending. WoodSpring Suites Signature is a brand new product that will benefit both our guests and franchisees.”

“Our commitment to the extended stay segment remains as high as ever, evidenced by the fact that we continue to franchise as well as aggressively develop new properties on our own behalf,” said Haase. “We expect to break ground on over 40 hotels in 2016, a quarter of which will be corporate owned and managed. In addition, we expect to break ground on more than 50 hotels in 2017, bringing us to nearly 100 newly-built hotels in two years.”

The new Signature prototype incorporates a residential-style exterior design with a larger lobby, creating a more distinct welcoming impression. Additional amenities include a convenience store, fitness center, 24-hour laundry facilities, staff training room and optional meeting space. Guest rooms also offer additional features that set it apart from current WoodSpring Suites and Value Place hotels, including in-room dishwashers, quartz countertops in the kitchen and bathroom, upgraded drapery with sheers, more comfortable bedding experience with more pillows, and stand-up showers with glass doors. Signature hotels provide weekly housekeeping for longer-staying guests and daily light touch service for shorter stays.

“Over the last year, we have significantly stepped up our research to determine what our guests want to be more productive on the road while maintaining a semblance of a ‘home-like’ feel,” said Mike Varner, EVP of brand strategy and management. “Most importantly, we’ve learned that the stay needs to be simple, not fussy or complicated. And there needs to be real value—paying for the things that matter, not what they don’t want. All WoodSpring Suites hotels are designed to meet these needs, and the guest response has been positive. Some guests, however, also have said they’d be willing to spend additional for a product that offers a bit more. The Signature prototype does just that, providing simple, straightforward extras for a more demanding traveler.”

Construction cost for the new prototype ranges from $50,000 to $55,000 per key, excluding land. The company currently has WoodSpring Suites Signature projects under development in Cranberry (Pittsburgh), Pa. (fourth quarter 2016 opening date), and Saugus (Boston), Mass. (spring 2017 opening date), as well as three projects underway in both the greater Houston and Seattle markets, for a total of eight Signature hotels in the pipeline. With a pre-approved design plan, development for these projects tend to run more quickly than other limited service hotel brands.

The company is on track to rebrand the majority of their portfolio of 200 hotels from Value Place to WoodSpring Suites by year’s end 2016.

About WoodSpring Hotels

WoodSpring Hotels is the company behind the nation’s fastest growing value extended- stay hotel brand with more than 200 hotels system-wide located in 30 states. The company owns 93 hotels and provides management services for both company-owned and franchised locations under the WoodSpring Suites and Value Place brands. WoodSpring Suites, as well as its enhanced brand extension, WoodSpring Suites Signature, are hotels for good people with practical needs, down-to-earth attitudes and a comfortable style, and who appreciate the value of life’s necessities – done really well. For more information, visit www.WoodSpringFranchise.com.

PM Hospitality Strategies, Inc. Rebrands to Become PM Hotel Group in Celebration of 20th Anniversary and Continued Expansion

Taking on a more industry focused image

WASHINGTON, D.C., February 10, 2016 –Officials of PM Hospitality Strategies (PMHS), a leading, national hotel management company, today announced it has rebranded to become PM Hotel Group in celebration of its 20th anniversary and to better reflect the company’s growth and direction.

“While we have enjoyed success with the PMHS name, we wanted to give the industry a clearer insight into who we are and what we do. Our new name better identifies us as a hotel operations group, which in turn will assist us in our continued expansion as a leading third-party operator and in attracting the best talent in the industry,” said Joseph Bojanowski, president of PM Hotel Group. “Our expansion from 17 to 37 hotels over the past three years has given us a much larger platform, capabilities and geographic footprint. Our new name more clearly reflects this growth and our position within the industry.”

“Our growth accelerated with the addition of 7 properties in 2015, making it one of the fastest growth periods in our history,” Bojanowski added. “We now have the infrastructure to operate anywhere in the country, full and select-service hotels and resorts, as well as boutique properties.”

About PM Hotel Group

PM Hotel Group (formerly PM Hospitality Strategies, Inc.) is an award-winning, independent hotel management company, operating full-service and select-service hotels in the Hilton, Starwood, Marriott, IHG, and Choice families of brands. Celebrating its 20 year anniversary, the company’s expertise covers all aspects of hotel operations, including development, technical consulting, marketing, accounting, pre-opening services and on-going management. The company currently manages over 36 hotel and development projects, comprised of more than 6,600 rooms, throughout the United States. Based in Washington, D.C., PM Hotel Group has participated in the development and acquisition/renovation of dozens of hotels with a market capitalization in excess of $1 billion. PM Hotel Group is an approved management company for all leading hotel brands. Additional information about the company may be found at www.pmhotelgroup.com.

CBRE HOTELS’ AMERICAS RESEARCH ESTIMATES AIRBNB USERS SPENT $2.4 BILLION ON LODGING IN THE U.S. OVER THE PAST YEAR

Airbnb Impact on Hotel Market Greatest in New York, San Francisco, and Miami

Los Angeles– February 2, 2016 – Airbnb’s presence in key markets throughout the U.S. is growing at a rapid pace, with users spending $2.4 billion on lodging in the U.S. over the past year, according to analysis from CBRE Hotels’ Americas Research.

Over the study period of October 2014 – September 2015, more than 55 percent of the $2.4 billion generated was captured in only five U.S. cities (New York, Los Angeles, San Francisco, Miami and Boston), represents a significant portion of the lodging revenues in these markets.

CBRE Hotels compiled select information for hundreds of U.S. markets to assess the relevancy of this sharing platform to the traditional hotel industry. From this data, the firm has developed an Airbnb Competition Index. This measure incorporates a comparison of Airbnb’s Average Daily Room rates (ADR) to traditional hotel ADR’s; the scale of the active Airbnb inventory in a market to the supply of traditional hotels, and the overall growth of active Airbnb supply in that market, into a measure of potential risk. New York was identified as the number one domestic market at risk from the growth of Airbnb, with an Airbnb Competition Index of 81.4, followed by San Francisco, Miami, Oakland and Oahu.

“It seems reasonable that Airbnb will impact hotels in two ways,” said R. Mark Woodworth, senior managing director of CBRE Hotels. “For existing hotels, the growth of average daily rates will most likely be curtailed. The fluid nature of Airbnb’s supply suggests that traditional hotel’s historic price premiums realized during peak demand periods will be mitigated. The other impact may be on new hotel construction. Airbnb may be an impediment to traditional hotel construction and could reduce traditional hotel supply growth in many markets.”

In addition to a national analysis on Airbnb’s impact on the lodging industry, CBRE Hotels has compiled city level reports highlighting the annual performance of Airbnb and compared it to relevant lodging industry data. These reports detail the estimated performance of Airbnb units covering 59 U.S. cities, encompassing 229 submarkets. Contrary to popular belief, Airbnb is not always the lowest priced option for those seeking temporary accommodation. The average rate paid for an Airbnb unit was $148.42, which is 25 percent higher than the average hotel rate of $119.11 reported by STR, Inc.

“By comparing hotel revenue per available room to the number of active Airbnb units in a particular location, it appears that hosts respond to market incentives, such as a higher room rental rate and excess demand. The presence of these factors causes more Airbnb units to appear in the market,” said Jamie Lane, senior economist of CBRE Hotels. “This holds true at the macro level–where markets with higher ADRs and occupancy have the highest number of active Airbnb units, and on the micro level–where we see a spike in the number of active Airbnb units during major events such as the Super Bowl and New Year’s Eve.”

More information about our national findings can be found HERE. Reports detailing the estimated performance of Airbnb facilities covering 59 U.S. cities, encompassing 229 submarkets, may be found at https://store.pkfc.com.

CBRE Hotels is a specialized advisory group within CBRE providing brokerage, valuation, consulting, research and capital markets services to companies in the hotel sector. CBRE Hotels is comprised of over 375 dedicated hospitality professionals located in 60 offices across the globe.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

Hospitality Ventures Management Group Names Susan Weigel Guimbellot Vice President of Revenue Management and Channel Strategy

HVMG Adds Revenue Leadership Position to Corporate Team

ATLANTA, Ga. (February 1, 2016) –Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel management company, today announced that Susan Weigel Guimbellot has joined the company as vice president of revenue management and channel strategy to accelerate top-line growth for the company’s third-party managed and owned hotels.

“We continuously seek to enhance our bench strength with seasoned hoteliers to support our current portfolio along with our aggressive expansion, which includes a meaningful development pipeline, as well as ongoing renovation/repositioning projects, in order to optimize returns,” said Robert S. Cole, HVMG president and CEO. “Revenue management plays such a vital role in achieving superior market share and profitability. Susan’s diversified experience and innovative programs will give our portfolio a further competitive advantage, especially as the industry cycle continues to mature.”

In her new role, Susan will oversee revenue management and channel strategy at both the property and corporate levels. Prior to joining HVMG, her most recent position was vice president of revenue management & distribution for Denihan Hospitality Group. Previously, she spent more than 10 years with American and Delta airlines and eight years with Starwood as vice president, channel intelligence, and senior director of distribution strategy & metrics.

“Susan has enjoyed great success maximizing revenue for some of the world’s most renowned, international hospitality and travel companies,” Cole added. “Her expertise ranges from luxury to select-service and from the world’s most highly regarded brands to independent, boutique hotels. Targeted marketing, using cutting edge technology and tools, will further differentiate our properties and allow us to balance occupancy and room rate to achieve superior RevPAR.”

About Hospitality Ventures Management Group

Hospitality Ventures Management Group is a privately owned, fully-integrated hotel investment and management group that specializes in turning around and repositioning underperforming hotels, as well as maximizing the performance of stabilized hotels. It currently operates 31 hotels in 15 states totaling 6,553 guest rooms. HVMG develops, owns, and operates independent and boutique hotels and resorts, as well as full-service, select-service and extended-stay hotels under the Hilton, Marriott, Hyatt, and IHG brands. Visit www.hvmg.com for more information.

Urgo Hotels & Resorts Adds the Lake George Courtyard by Marriott to Growing Portfolio of Managed Hotels

BETHESDA, Md. /Lake George, N.Y., February 1, 2016 –Officials of Urgo Hotels & Resorts, a hotel company that develops, owns and operates hotels and resorts in the U.S., Canada and the Caribbean, today announced that the company has signed a management agreement to operate the 119-room Courtyard by Marriott in Lake George, N.Y. Currently under construction, the hotel is scheduled to open in summer 2016.

“We believe 2016 will be a record year for Urgo, as we expand our third-party managed portfolio and our wholly-owned/joint-venture portfolio,” said Mathew Jalazo, Urgo Hotels’ director of development. “We will open eight hotels currently under construction this year and have an addition six hotels in the pre-construction pipeline. Based on the strong relationships we have developed with our existing lenders and investor/owners, we expect to continue to expand our portfolio of hotels over the coming years.”

The hotel will open in the four-season destination in the summer of 2016, encouraging year-round tourism for the village. Urgo Hotels will advise ownership during the remainder of the construction and development of the hotel.

Situated across the street from Lake George in the heart of downtown, the hotel will offer direct access to a lakefront beach. The property’s amenities include a custom-designed lobby, a rooftop lounge overlooking Lake George and two restaurants, one of which has an outdoor terrace and panoramic views of the lake. Other amenities include 38 suites with lake and mountain views and 10,000 square feet of meeting space with lakefront views.

Spacious guestrooms will provide functional space for work, relaxation, comfort and sleep. The rooms are stylishly and thoughtfully designed, featuring a work area and high-speed internet access, helping guests stay both connected and comfortable. Other amenities include a 48-inch TV, ergonomic chair, safe deposit box and mini-bar. The property will offer a well-equipped exercise room, indoor pool, outdoor dining, and a spa.

About Urgo Hotels & Resorts

Urgo Hotels & Resorts is a Bethesda, Md.-based hotel company that develops, owns and/or operates distinctive and unique hotels and resorts in major markets and resort locations in the U.S., Canada and the Caribbean. The current portfolio is comprised of 38 hotels with more than 5,500 rooms, including eight under construction and an active pipeline of acquisition and development projects. The company develops, builds, and operates for its own account, as well as provides third-party management and asset management services. Additional information about the company may be found at www.urgohotels.com.

Matt Engel Promoted to Managing Director of T.R. ENGEL Group, LLC

BOSTON, January 27, 2016—Officials of T.R. ENGEL Group, LLC (TRE), a Boston-based, entrepreneurial hotel advisory and asset management firm, today announced that Matt Engel has been promoted to managing director from senior vice president.  In his new role, he will provide a pivotal role in TRE’s global advisory and investment services assignments.  He will remain managing principal for T.R.ENGEL Group–Middle East, LLC (TRE-ME), and oversee the company’s investor development in both Qatar and within the GCC region.

“Matt is approaching a decade with TRE and has held asset management and advisory services positions of increasing responsibility and accountability,” said Tom Engel, president.  “In addition to his success in establishing our presence as the only hotel advisory firm licensed by the Qatar Financial Center Authority, he leads the asset management teams for three of our most important assignments:   the Marriott Crystal City, Renaissance Schaumburg Hotel and Convention Center, and the Munich Marriott Hotel, which combined generate more than $90 million in annual revenues.  This promotion reflects his growing contributions to our global TRE clients and the growth of the company.”

With nearly 15 years’ experience in diversified real estate, hotel asset management and capital markets, Engel previously asset-managed the Calpers Hotel Portfolio on behalf of the Procaccianti Group, a leading independent owner/operator.  Over the past five years, he has provided investors asset management services for such recognized hotels as the South Shore Harbor Resort & Conference Center, Hamburg Marriott Hotel and the Westchester Marriott Hotel, as well as advisory services for the SLS Hotel South Beach and the NoMad Hotel.  Engel received his Bachelor of Science in Public Policy from Hamilton College.

About T.R. ENGEL Group, LLC (TRE)

T.R. ENGEL Group, LLC, is a privately held, Boston, Mass., U.S.-based lodging advisory, asset management and real estate investment firm. The company currently is engaged in hospitality advisory projects and hotel asset management throughout the U.S., Europe and the Middle East. TRE offices are located in Boston, the Greater Philadelphia area and Doha, Qatar.   Additional information can be found at www.trengelgroup.com.